Bad Currency Bet by Staff Member Costs Greenpeace $5-Million

Greenpeace International has fired an employee in its finance office whose ill-timed bet on global currency markets last year cost the environmental organization $5.2-million, reports the Associated Press.

The unidentified staff member wagered that the euro would not gain against other currencies in 2013, but it did. The Amsterdam-based environmental group said it found no evidence of fraud, but the employee, whose job included currency trades designed to protect Greenpeace from market fluctuations, exceeded his authority in the scale of his deals and his failure to notify supervisors.

“Every indication is, this was done with the best of intentions but not the best of judgment,” Greenpeace spokesman Mike Townsley said. Greenpeace, which accepts contributions only from individuals and no governments or corporations, has annual revenue of about $406-million.